July 24th, 2024
Small business owners are constantly evaluating growth strategies for funding solutions to inject capital into their business. Here at EmpowerPioneers.com we have searched around to bring you a few of the current lending offers during July 2024 that have lower rates, reasonable terms, and quicker than normal approval time. See below for more details.
As a business owner, you have several options when it comes to getting financing for your business to grow your market share or expand operations. Reasons for getting a business loan, are plenty. For instance you may wish to expand your office space, or get another retails space, or spend more money on marketing to generate more leads or hire more sales people. In addition to expansion, you may also wish to have a more robust and flexible cash flow and have some savings cushion in case invoices are not paid in time.
Probably the most common reasons for business loans are expansion of marketing expenditure (campaigning, advertising, or sales team expansion), or equipment and inventory purchasing.
No business person wants to be in debt, so what are the compelling reasons that make business owners get a loan?
Loans help your business grow, be it hiring more staff, expanding into a new market, offering new products or growing an existing location. A business loan will cover the upfront costs of expansion, allowing you to pursue profitable growth without having to give up ownership of your business. You don’t invest in growth, you most likely will not grow your business.
| Name of lender | Industry rating | Loan features | Loan amounts |
| Sutton Funding | 9+ | Time in business: 6+ Months $5K in monthly revenue Minimum credit score: flexible | $10,000 – $5,000,000 |
| ForAFinancial | 8+ | Time in business: 12+ months $15k in monthly revenue Minimum credit score: 500 | $5,000 – $500,000 |
| Bus2Credit | 9+ | Time in business: 12+ months $5K in monthly revenue Minimum credit score: 580 | $10,000 – $6,000,000 |
| Lendio | 9+ | Time in business: 12+ Months $20K in monthly revenue Minimum credit score: 600 | $5,000 – $2,000,000 |
| RapidFinance | 8+ | Time in business: 24+ months $10K in monthly revenue Minimum credit score: 550 | $5,000 – $1,000,000 |
| Fundera | 9+ | Time in business: 24+ months $17K in monthly revenue Minimum credit score: 680 | $5,000 – $1,000,000 |
| Torro | 9+ | Time in business: 12+ Months $10K in monthly revenue Minimum credit score: none | $10,000 – $2,000,000 |
| LendingTree | 9+ | Time in business: 12+ months $18K in monthly revenue Minimum credit score: 580 | $5,000 – $1,000,000 |
Lending requirements for these lenders depend on a few different things. Most lenders are very keen these days to lend money since cost of borrowing in bulk for them is substantially lower than years before, so they can afford to take more risks to earn higher income. Often, lenders expect good credit (550 and above), some kind of collateral (inventory or equipment, etc.), and steady monthly sales/revenue for approval. A commercial lender most often does request a business plan to prove that a business can repay the loan.
Disclosure:
The material on this site was created for educational purposes. It is not intended to be and should not be treated as legal, tax, investment, accounting, or other professional advice. EmpowerPioneers.com does not receive any money from any of the lenders above for being listed (not any kind of commission or compensation).
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